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  3. US markets slip amid growing speculation on Fed cuts

US markets slip amid growing speculation on Fed cuts

08 Aug 2013 Evaluate

The US markets fell for a third day on Wednesday, amid growing speculation that Federal Reserve will pare bond purchases this year as the economy strengthens. The statements from Chicago Fed president Charles Evans and Atlanta Fed president Dennis Lockhart on Tuesday about the Fed possibly pulling back on or tapering, its bond purchases as soon as next month continued to spook investors. Further, Sandra Pianalto, the president of the Cleveland Fed Bank stated that the Federal Reserve can scale back its $85 billion-a-month asset purchase program if the labor market holds the gains it has made recently. Pianalto added that there have been clearer signs of a more sustained recovery in the labor market in the last few months. The Cleveland Fed president is seen as one of the pragmatists on the central bank and is often close to the majority opinion. She is not a voting member of the Fed’s policy-making committee this year.

On economy front, the Federal Reserve data showed that US consumer credit rose less than expected in June, as loans for items such as cars and education increased while credit card use fell by the most in a year. Total consumer installment credit increased by $13.8 billion and stood at $2.8 trillion. Non-revolving credit, which includes loans for cars and college tuition, rose by $16.5 billion. Revolving facilities which mostly measure credit card use declined by $2.7 billion the most since June 2012.

The Dow Jones Industrial Average lost 48.07 points or 0.31 percent to 15,470.70, the S&P 500 was down 6.46 points or 0.38 percent to 1,690.91, while the Nasdaq edged lower by 11.76 points or 0.32 percent to 3,654.01.

Indian ADRs closed mostly in red on Wednesday; Tata Motors was down by 0.69%, HDFC Bank was down 0.60% and Infosys was down 0.60%. On the flip side, Sterlite Industries was up 0.14% and Dr. Reddy’s Lab was up 0.08%.

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